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CFPB Publishes Data Point on Positive Impacts of Removing Medical Debt Tradelines

On April 11, 2023, Equifax, Experian, and TransUnion announced that they removed unpaid medical collections under $500 from consumer credit reports. The three companies, in July 2022, previously removed paid medical collections from credit reports, and extended the delay in medical collection reporting from sixth months after the first delinquency to one year after the first delinquency. In its Data Point released on April 26, 2023, the CFPB reviewed the impact of the removal of medical collection tradelines based on a sampling of credit reports from 2012-2020 and found that removing medical collection tradelines can significantly improve credit scores and credit availability.

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Having a strong compliance team isn't enough. 

If you don't know what's actually going on in compliance across the industry - with lawsuit trends, with auditor demands, or with client expectations - and if you don't know how other sharp compliance professionals are handling similar challenges, your CMS will suffer. Get the critical compliance connections, feedback, direction, and trends you need with Research Assistant (from insideARM). 


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Toby Parrish Appointed Chief Executive Officer of OTD Americas

TAMPA, Fla. -- OneTouch Direct, a global business process outsourcing company, today announced the appointment of Toby Parrish as the Chief Executive Officer (CEO) of OTD Americas, its newest company subsidiary. In this role, Toby is responsible for leading all aspects of the company’s operations management, client support, and development to deliver best-in-class performance for high-value brands.

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Washington State Passes New Health Data Privacy Measures

On April 27, the Washington State governor signed HB 1155 to enact the My Health My Data Act—a comprehensive health privacy law that provides broad restrictions on the use of consumer health data. The Act is intended to cover health data not covered by the Health Insurance Portability and Accountability Act.

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Spire Recovery Solutions in the Veteran Community

LOCKPORT, N.Y. -- When veterans and brothers Joseph Torriere and Jacob Torriere retired from the U.S. Armed Forces and entered the receivables management industry full-time, they knew they wanted to continue serving by helping other veterans in their families and communities. After researching multiple private nonprofit veteran organizations to get involved in, they were pleased to find several quality choices. Thus began monthly donations from Spire Recovery Solutions to a rotating assortment of organizations dedicated to supporting military and veteran families in many of the common challenges these families face during and after active military duty.

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CFPB Focuses on Medical Credit Cards and Installment Loans in Latest Report

Citing research that found about half of U.S. adults find it difficult to afford the cost of their healthcare, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report focusing on medical credit cards and loans used to cover basic medical treatment and emergency health care. According to the CFPB, the use of medical credit cards and installment loans can increase the financial burden on patients who may pay more than they otherwise would pay.

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Arrears.com: Empowering Debt Collectors with Advanced AI-Powered Solutions

LOS ANGELES, Calif. -- Arrears.com is at the forefront of the digital collections transformation, offering a cutting-edge platform built to help debt collectors scale communications and payments with ease. With its advanced AI-powered solutions, Arrears.com revolutionizes the debt collection industry by providing a comprehensive and efficient toolset.

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Best Practices for a Strong Debt Sale Strategy

18 May 2023 at 02:00 p.m.

Selling part of your past-due portfolio can be an easy way to increase revenue, especially when originations are down. But it’s not always cut and dry. How do you know your debt sale partner has a spotless reputation? When is the best time to sell? What can you do to increase your portfolio’s value?

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